Taiwan Cooperative Bank (TCB) and BNP Paribas Asset Management (BNPP AM) today announced their intention to jointly acquire a 100 per cent stake in Sunrise Asset Management Co., Ltd. (Sunrise AM). This is a natural development following the signing of a Memorandum of Understanding between TCB and BNP Paribas on 1st December 2006, which formed the foundation for formalising strategic cooperation in asset management in Taiwan.
The total consideration of the acquisition is expected to be at NT$318 million (US$9.6 million), or NT$10.6 per share (US$0.32). Under the deal, TCB will take a 51 per cent stake (15,300,000 shares) while BNPP AM will take a 49 per cent stake (14,700,000 shares). The investment amounts of TCB and BNPP AM are at NT$162,180,000 (US$4.9 million) and NT$155,820,000 (US$4.7 million) respectively.
Subsequent to the acquisition, Sunrise AM will be renamed as BNP Paribas TCB Asset Management Company Ltd.
About BNP Paribas Investment Partners
BNP Paribas Investment Partners brings together the full pallet of asset management expertise of the BNP Paribas group.
Through a unique platform that offers immediate and simplified access to a broad range of specialist Partner companies BNP Paribas Investment Partners has become a leader among the multi-specialist asset managers. At end 31 March 2007, assets under management were euro 344 billion, half of which managed for institutional clients.
With 2,100 professionals servicing clients in over 65 countries and 250 client relationship managers operating in 28 countries, the network of Partners provides clients with the most advanced and dedicated expertise in asset management today, blending excellence in client service with innovative solutions that can highlight or combine specialties.
Corporate Communications Manager,
BNP Paribas, North & East Asia
Tel: +852 2909 8847